OMCs continue southbound journey post Budget

Oil marketing companies (OMCs) like Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) have declined 2-4% each in otherwise strong market, after the restoration of basic custom duty of 5% on crude petroleum and 7.5% for petrol and diesel.

BPCL is the biggest loser, down 4% at Rs 542, followed by HPCL down 2.4% to Rs 339. IOC and GAIL have declined 2% each to Rs 312 and Rs 393, respectively, on the BSE.